"Meanwhile, until it is clear how much Countrywide will benefit from Senator Dodd’s proposed $300 billion mortgage rescue – and exactly how Mr. Dodd came to do business with Countrywide – Congress should call a halt to legislating bailouts. Taxpayers deserve no less."
- WSJ Editorial Page, June 2008
June 22, 2008
HousingPANIC URGENT Quote of the Day
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34 comments:
Where was The Wall Street Journal owned by Fox News Corp during the Housing orgy and the Fed bailout by the Fed?
Mozilo's Wiki page is getting better, but could still use some 'improvements' if you know what I mean HP'ers
Enjoy
http://en.wikipedia.org/wiki/Angelo_R._Mozilo
et tu Dodd?
Calculated Risk doesn't think this is a scandal:
http://tinyurl.com/5sl25f
I understand why the bill needs stopping, but maybe the focus on Dodd is not the way to do it.
To be fair you need to be even handed. Remember all that foot stomping blaaah about the Geneva Conventions and torture?
It's tempting to fight dirty, but justice demands that you resist.
Keith, as much as I would like to think that Congress and the rest of the US government has an interest in anyone but their own, I can guarantee there is no way Pelosi & Co, are going to embark on hearings against a DEMOCRAT in an election year.
Ain't gonna happen.
Which is why I voted for Ron Paul.
Neither candidate will do a damn thing for the average Joe. Obama scares the hell out of me. IMHO, it will be David Dinkins times 100 if he gets elected.
We have reached the point where the system is broken and beyond repair. I seriously feel an uprising coming, and not a pretty one.
http://tinyurl.com/5543j8
BofA, Perhaps Countrywide Wrote Dodd-Shelby Bailout - THIS NEWS MUST GET OUT THERE!
Posted on June 21st, 2008 in Uncategorized
None of us really believed that Dodd could come up with anything close to this. Just go through transcripts or videos and look at the language and terminology he used just a few months back when referring to the subprime and credit meltdown. Think back to the left-field, irrelevent questions he asked at hearings when he could have made a difference by asking the right questions and getting information out. I have always wondered who was behind it all. Now we know what $70k in contributions, which is what BofA has given Dodd in the past 18-months, will buy. Only Hillary and Obama have received more from BofA.
This $300 billion Dodd-Shelby bailout is an absolute crime. It bails out the banks by limiting their loss to 10%; a joke since many of the problem areas like CA are down as much as 30% already on the median in the past 12-months and the rate of acceleration of the price declines are picking up steam. The subprime crisis is nearly over and now Prime, Alt-A, Pay Option ARMs and Home Equity Lines/Loans are failing.
Wasn't the WSJ, the Pravda of Capitalism, strangely silent during the 13 years of republican corruption, Abramoff, etc.?
How disingenuous of conservatives but then again, how typical.
Yes, if we can manage to use a non-scandal to stop the democrats from reforming lending and helping some people avoid losing their houses all will be well by HP'ers.
You'll all be able to go out and buy that lovely house you forgot to buy in 1997 except now, you'll get it for 200K less! I mean, admit it, that's why most of you are here. If you were owners and benefited from the bubble, despite any corruption, you would too busy counting your money to worry about bailouts.
Only the liberals who post here are concerned with fairness and honesty. The rest of you are just suffering a terminal case of sour grapes.
$300 billion is just today's headline number. If the US government buys loans at only a laughable 13% off, this piece of crap bill will cost us over a trillion.
Over a trillion.
And Chris Dodd and Angelo Mozilo know it.
The prescription drug 'mistake' was just the warm-up act.
This bill could essentially destroy us.
why isn't mozillo in a jail cell yet? cmon here folks.the whole system is rigged.Our politicians are a joke.They can't even pass an energy bill for gods sake.Bunch of bafoons I tell you.
This country is going downhill fast.
helping some people avoid losing their houses all will be well by HP'ers.
bitterrenter has to be a troll. even a flaming liberal couldn't be that stupid and out of touch with reality
Again, THANK YOU Keith and THANK YOU to anyone that gets this message to everyone they can think of. BLOG like you have never BLOGGED BEFORE Troops!!
Write Congress, Call the President, WE MUST DO ANYTHING it takes to educate the sheeple, before they steal the clothes off our backs. We are going to wake up penniless as a country before you know it.
Amen!!
Senator Dodd, the CROOK needs to be taken to the WOODSHED!!
This story is absolutely horrific!!
Email and call your senators, FOX News should LOVE it, and anyone else you can think of before it is too late!
We cannot sit idly by while we are ROBBED like this!
Bitterrenter wote:
Wasn't the WSJ, the Pravda of Capitalism, strangely silent during the 13 years of republican corruption, Abramoff, etc.?
How disingenuous of conservatives but then again, how typical.
You want to talk about all the times the L.A. Times & N.Y. Times have been silent during corruption of democrats?
Biteerrenter, do us all a favor and shut your stupid mouth!
Only the liberals who post here are concerned with fairness and honesty. The rest of you are just suffering a terminal case of sour grapes.
You are almost as laughable as you are stupid!
Oh please. They're all crooks. Bring on the third parties.
bigdaddy, Pelosi is Speaker of the House. Dodd is a Senator.
Honestly, Keith, the level of rhetoric around here has bit bottom.
See you later.
http://tinyurl.com/64r2do
Bank of America PAC money behind Dodd's Countrywide loan
WASHINGTON (Map, News) - "We call it the 'Bank of America bill on steroids.'" A House staffer told me that, demanding anonymity, but speaking on behalf of aides to GOP members of the House Financial Services Committee.
He was talking about the bill whose Senate version has been brought to the floor this week by Sen. Chris Dodd, D-CN, and Sen. Richard Shelby, R-AL. Dodd-Shelby would let mortgage lenders off the hook for bad loans, shifting the burden ultimately to taxpayers. Dodd has received approximately $70,000 in campaign contributions from Bank of America in the last year-and-a-half.
Dodd-Shelby hit the Senate floor this week amid controversy over sweetheart loan deals Dodd and other powerful politicians received from Countrywide Financial, the lender with the most exposure to subprime mortgages at risk of default.
Bank of America stands to profit most from a bailout. It will take on Countrywide's bad loans, and under Dodd-Shelby, it could shift the worst ones onto the shoulders of taxpayers, via the Federal Housing Authority. Basically, Uncle Sam will buy Countrywide's stinky loans off of Bank of America.
Bank of America is kind of like an investor trying to "flip" a house: they buy a run-down property (Countrywide) for a discount, shell out some campaign contributions and earn some "sweat-equity" through lobbying. If Dodd gets his way, it will be a good investment for Bank of America.
"[with no bailout], you'll get it for 200K less! I mean, admit it, that's why most of you are here."
No, I'm here because the cost of buying a home now includes the owner's outstanding home equity loans (etc...) which he/she used to buy crap that I never let myself buy since I'm financially conservative.
If you were owners and benefited from the bubble, despite any corruption, you would too busy counting your money to worry about bailouts.
two wrongs don't make a right! that's why many of us have noted that the government cannot save housing since the underlying fundamentals-- such as wage/mortgage parity, aren't there.
Only the liberals who post here are concerned with fairness and honesty.
I'm a liberal and think that we need to be putting first things first; that means money for health care and definitely not for mortgage payments on someone's McMansion since it's a walking environmental disaster that's an energy hog, etc...!
"This bill could essentially destroy us"
yeah; it's profound to think that the democrats are now bigger f-ups than the republicans.
bitter renter idiot's momma never taught him about the 'two wrongs don't make a right' thing.
yeah dumbfuck, Republicans were corrupt. And they got spanked for it . Just because they did some bad shit doesn't mean the Democrats should get a free pass.
You truly are an imbecile, and I say that with all due respect to imbeciles.
I think bitter renter is really Qweefie posting to get a rise out of people.
$70K? That's it? AYFKM?!
I recall the words of Bogart "I don't mind a parasite; I object to a cut-rate one."
They pass this bill then gas and food go up up up!
More dollar devaluation. Let the owners of these bonds default. Its called RISK! That is why there is a coupon on the bond in the first place! Tax payers never signed up for this risk.
The trend is clear: privatize profit and put the risk to government and tax payer. Corporate socialist welfare.
Puke.
Anonymous said...
bitter renter idiot's momma never taught him about the 'two wrongs don't make a right' thing.
yeah dumbfuck, Republicans were corrupt. And they got spanked for it . Just because they did some bad shit doesn't mean the Democrats should get a free pass.
You truly are an imbecile, and I say that with all due respect to imbeciles.
Bitterrenter is the only one here lately who can write a coherent blog.
Go back to your text messages, Ipod downloads and Grand Theft Auto.
Critical thinking isn't your forte.
Dodd looks like exactly what he is: and overfed selfish pig. Then there's that other Senator from CT, Lieberman. Thank CT voters. Morons.
I just have to write this down again. Yes, I have a healthy ego.
"Bitterrenter is the only one here lately who can write a coherent blog."
xoxo,
BR
I just have to write this down again. Yes, I have a healthy ego.
"Bitterrenter is the only one here lately who can write a coherent blog."
Bitterrenter is also the most universally hated Marxist on this blog.
Says you! I have my fans. My adoring fans.
It's my goal to be hated by brainstems.
xoxo,
BR
Libvet,
I am well aware that Pelosi and Dodd are in separate houses. That being said, as SOH, Pelosi is the most powerful Democrat. She will not allow any Congressional hearings to take place in an election year versus a Democrat, regardless of which house the Democrat serves in. Of course, Reid would never allow this either, but the Senate is more civil and made up of "fair minded" politicians.
Before you throw around hyperbole, check who is on the Democratic Congressional Campaign Committee and named Permanent Chair of the 2008 Democratic National Convention in Denver. You must be naive to think the most SOH has no say in these matters. It's all about power and winning elections. Regardless of the evidence against any Democrat, Pelosi will use her influence to stall until after November.
Remember how the powers first tried to market a Housing bill by saying they
needed to do it to solve a "credit crunch/",which means they were addressing the fact that lenders in the secondary market were not willing to make "new" loans anymore once current loans started to default .So ,they tried to sell the concept that the government would provide money for new loans until the "credit crunch ",was solved by the repricing of risk .
Now the Housing Bill warped into the government backing bad current loans re-writes that are defaulting .
It is not the function of the government to buy defaulting loan contracts or ones that would not qualify for new refinancing based on the property value not being there or the borrower not qualifying . It would be a fraudulent Obstruction of Justice to qualify a property or borrower who obtained their original loan by fraud or inflating income . The question that the powers should ask is why can't the borrower make the payment they made a contract on .
If the borrower was a victim of a corrupt lender ,than that lender must be brought to justice ,but it is most likely that the loan investors are the true victims in that the Rating agencies lied to them, the lenders lied to them ,and the borrowers lied to them,and Wall Street lied to them.
The investors that put up the money are the true victims in this National Ponzi -Scheme ,in spite of the fact that they were looking for yield .
The Housing Bill needs to be stopped because this is not the way to solve the problem . Let the lenders that can survive take out loans or sell assets to pay for their bad loans .
When Keating robbed investors of money ,and Lincoln Savings went BK, ,they took Keating to Court and he went to jail .Keating bulked loan investors out of money by making bad loans and luring investors into buying high risk paper by fraud in how he sold the paper .There is no difference between Keating and Mozilo in concept .
This bill by Dodd is nothing to help people facing foreclosure. This bill is to help banks and people buying foreclosed properties and for local governments buy up vacant properties and resell to other people so that they will get property tax coming back in and sales taxes coming back in. It is nothing that will help people who are losing their homes. It is the way things are.
Noah@ShortOnChange.com
http://www.ShortOnChange.com
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